Insurance

KYC MODES

Accepted modes of KYC

Central KYC

Reduce the time customers need to spend verifying their identities, thus reducing the drop-offs during the process.

Digital KYC

Digital KYC is a completely paperless KYC process for customers that are non-KYC compliant

Aadhaar - Offline authentication

Users follow an automated identity authentication process using their Aadhaar card

Aadhaar - Online authentication

Aadhaar based KYC through Online authentication

OVD with Pan/Form 60

Images of officially valid documents along with PAN card/Form 60 are collected

Video-based verification

Video-based KYC ensures that users can complete KYC remotely via video call

Implementing a single mode of KYC will not help onboard every customer!

1. How do we seamlessly integrate multiple KYC methods to manage needs of all our customers?

The HyperVerge platform has an end-to-end KYC orchestrator which can support any KYC workflow.

2. How do we manage a seamless KYC experience across all partners and acquisition channels?

Use the Link based KYC feature of HyperVerge Platform to trigger KYC links to customers from Agent/Partner channels.

3. How do we go-live before Nov 1?

The HyperVerge platform is designed for rapid integration and testing to minimize your IT/dev bandwidth allowing you to go-live in a very short amount of time.

How do you seamlessly integrate multiple KYC methods to ensure low-friction onboarding of all your customers?

Based on factors like phone number & linkage, CKYC record’s existence, etc. certain modes of KYC will fail. The HyperVerge Identity Platform has an end-to-end KYC orchestrator which can support any KYC workflow.

HyperVerge KYC orchestrator

HyperVerge KYC Orchestrator

How do we manage a seamless KYC experience across all partners and acquisition channels?

Use the link based KYC feature of HyperVerge Platform to trigger KYC links to customers from Agent/Partner channels.

Direct Channel

Integrate HyperVerge platform directly into your Web/Mobile Application using SDK

All Partner Channel

Use the Link based KYC features of HyperVerge Platform to trigger KYC links to customers from Agent/Partner channels

aml checks

Always stay compliant with AML Regulations

Our end-to-end onboarding stack is a comprehensive product suite that contains global AML checks to prevent any fraud.

Global Sanctions & Watchlists

Global & country-specific sanctions imposed by different organisations.

Politically Exposed Persons

~100% PEP Profiles with Global Coverage.

Adverse Media Check

Adverse Media for people associated with ML or fraudulent activities.

Insurance companies are becoming fully KYC compliant before January 1st

The HyperVerge platform is designed for rapid integration and testing to minimize your IT/dev bandwidth allowing you to go-live in a very short amount of time.

Go-live in 5 days

Go-live in 9 days

Go-live in 30 days

SUPPORT

FAQs

Mistakes to avoid while selecting/orchestrating KYC methods

If someone is using Aadhaar XML (even though we don’t recommend using it), it is necessary to do some health check to ensure whether the UIDAI website is live or down
In the CKYC workflow, make sure to extract & validate KYC details, not just ‘search & download’. If only search & download is done, bad/empty records can be downloaded.
Not all Aadhaar numbers are linked with mobile numbers, so before taking a user through a journey, it would be helpful to check whether their mobile number is linked to their Aadhaar.(Digilocker has an API call that can check whether the mobile number and Aadhaar number are linked only using the mobile number as input)

What are the 80-20s to get right when implementing a KYC process/ solution?

If someone is using Aadhaar XML (even though we don’t recommend using it), it is necessary to do some health check to ensure whether the UIDAI website is live or down
In the CKYC workflow, make sure to extract & validate KYC details, not just ‘search & download’. If only search & download is done, bad/empty records can be downloaded.
Not all Aadhaar numbers are linked with mobile numbers, so before taking a user through a journey, it would be helpful to check whether their mobile number is linked to their Aadhaar.(Digilocker has an API call that can check whether the mobile number and Aadhaar number are linked only using the mobile number as input)

Still have questions?

Can’t find the answer you’re looking for? Please chat with our friendly team.

Chat with our team

Testimonials

Customers love HyperVerge!

Bala Parthasarathy

CEO, MoneyTap

"We want to make credit much easier and faster for the larger population and not only the elite few. HyperVerge is a team of very smart people from reputed colleges in India and they have cracked the process of identity verification using Al/ML."

Rachel Nguyen

Director, CIMB Vietnam

"CIMB is proud to be associated with HyperVerge over the past year. We’ve had a phenomenal experience partnering with them for our eKYC journey."

Krishna Mohan Vedula

VP Payments, MPL

“We were able to reduce the number of cases of cyber crime complaints or chargebacks after we went live with HyperVerge.”

Mahima Garg

Chief Risk Officer, Slice

“Even at scale, we’ve never had escalations. Teams have resolved any issues with the HV team seamlessly. This is exactly what we want.”

Dhinesh Potnuru

Product Head, IndMoney

"HyperVerge made our lives easier through the whole customer acquisition and activation process. We were achieving high business impact after we built in their solutions where there were previously very high drop-offs for the users."

Nikhil Joy

Head of Product, Zest Money

By using HyperVerge's APIs, we cut short the document validation process from 8-10 mins to 10 seconds.

FAQs

Questions you may have...

Mistakes to avoid while selecting/orchestrating KYC methods

If someone is using Aadhaar XML (even though we don’t recommend using it), it is necessary to do some health check to ensure whether the UIDAI website is live or down
In the CKYC workflow, make sure to extract & validate KYC details, not just ‘search & download’. If only search & download is done, bad/empty records can be downloaded.
Not all Aadhaar numbers are linked with mobile numbers, so before taking a user through a journey, it would be helpful to check whether their mobile number is linked to their Aadhaar.(Digilocker has an API call that can check whether the mobile number and Aadhaar number are linked only using the mobile number as input)

What are the 80-20s to get right when implementing a KYC process/ solution?

Try to use a workflow orchestrator instead of building everything yourself
Use passive liveness as a best practice
It has a high conversion rate, requires very little instructions and works well on all devices and bandwidth conditions

Blogs

Fintech

5 min read

Challenges faced by General and Health Insurance companies during KYC implementation

Learnings from CXOs across leading insurers, brokers and web aggregators

Fintech

4 min read

Insurance KYCs - Breaking down the IRDAI Guidelines

The IRDAI guidelines have necessitated more secure KYC checks for AML & CFT. Click here to read more!

Fintech

4 min read

What Is EDD In Banking: Full Form, Meaning & Process

What is enhanced due diligence in banking? EDD helps to alert organisations about possible threats. Click here to get full information on EDD in banking!

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